Take me to the text Below is a list of accounts and balances for Sandals Inc. for the year ending April 30, 2023. All balances are in thousands of dollars. Sandals Inc. follows IFRS. Assume a tax rate of 20%. Exclude the presentation of earnings per share for this. question. Account Title Balance Accounts Payable $9,700 Accounts Receivable $13,200 Accumulated Depreciation $1,400 Advertising Expense $1,300 Cash $19,300 Cash Dividends $3,100 Common Shares $13,600 Cost of Goods Sold $17,120 Depreciation Expense-Office Equipment $110 Depreciation Expense-Store Equipment $600 Gain on Foreign Currency Translation Adjustments $240 Gain on Sale of Discontinued Operations $2,300 Income from Operating Discontinued Operations $7,100 Interest Expense $1,200 Merchandise Inventory $18,600 Miscellaneous Administrative Expenses $460 Notes Payable $24,000 Office Salaries Expense $1,100 Prepaid Insurance Property, Plant and Equipment $1,800 $29,700 Rent Expense-Office $630 Rent Expense-Retail $1,410 Retained Earnings (beginning balance) $16,276 Sales Salaries Expense $2,100 Sales Discounts $1,100 Sales Returns and Allowances $780 Sales Revenue $42,800 Unearned Revenue $1,100 Notes: Unlimited common shares are authorized and 2,410 have been issued and are currently outstanding. The notes payable is payable over 5 years and $4,800 will be paid by April 30, 2024. Do not enter dollar signs or commas in the input boxes. Round all answers to the nearest whole number. Do not use the negative sign for any values. a) Prepare a statement of comprehensive income by function for the year ended April 30, 2023. a) Prepare a statement of comprehensive income by function for the year ended April 30, 2023. Sandals Inc. Statement of Comprehensive Income For the Year Ended April 30, 2023 Sales Revenue (net) 42800 x Cost of Goods Sold 17120 Gross Profit 25680 Selling Expenses 3980 Administrative Expenses 1560 Operating Profit 20040 Finance Costs 1200 Profit before Income Tax 18840 Income Tax Expense 3768 Profit for the Year from Continuing Operations 15072 Profit for the Year from Discontinued Operations 7100 Profit for the Year 22172 X x x x Other Comprehensive Income, Net of Tax Gain on Foreign Currency Translation Adjustments (net of tax) 192 Total Comprehensive Income 22364 X Other Comprehensive Income, Net of Tax Gain on Foreign Currency Translation Adjustments (net of tax) 192 Total Comprehensive Income 22364 x b) Prepare a statement of changed in equity for the year ended April 30, 2023. There was no opening balance in the accumulated other income account and FlipFlop Inc. did not issue any new common shares in the fiscal year ended April 30, 2023. Sandals Inc. Statement of Changed in Equity Opening Balance For the Year Ended April 30, 2023 Common Shares Retained Earnings 13600 Reserves Total Equity 16276 29876 Profit for the Year/Net Income 21880 x 21880 x Other Comprehensive Income Foreign Currency Translation Adjustments 192 192 Total Comprehensive Income 21880 /* 240 x 22120 Transactions with Owners Dividends on Common Shares 3100 Total Transactions with Owners 3100 Closing Balance 13600 35056 x 192 192 3100 3100 48896 x 3 s x Sandals Inc. Statement of Financial Position As at April 30, 2023 Assets Long-Term Assets Property, Plant and Equipment (net) Total Long-Term Assets Current Assets Prepaid Insurance Merchandise Inventory Accounts Receivable Cash 28300 1800 18600 13200 19300 53900 x 83600 x Total Current Assets Total Assets Equity Attributable to Owners Common Shares, unlimited authorized, 2410 Issued 13600 Retained Earnings 35056 x Reserves 192 Total Equity Attributable to Owners Liabilities 48896 x Reserves Total Equity Attributable to Owners Liabilities Long-Term Liabilities Notes Payable, Long-Term Portion 192 48896 x Total Long-Term Liabilities 19200 19200 Current Liabilities Accounts Payable 9700 Unearned Revenue 1100 Notes Payable, Current Portion 4800 Total Current Liabilities 15600 Total Liabilities 34800 Total Equity and Liabilities 83600 x